SELCO TRADE CENTRES LIMITED
Company number: 02182671
Reporting period:
1 July 2022
to 31 December 2022
This report was filed on 27 January 2023
and approved by Robert Brewill
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 33%
- in 31 to 60 days: 53%
- in 61 days or more: 14%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Standard payment terms are the supplier payment terms. Selco do not impose their own payment terms with suppliers. However, majority of stock suppliers are paid at the end of the month following the transaction.
Other contracts will be payable immediately or within 7 days, in line with the suppliers standard terms. Also, there are a few supplier with 90 day payment terms.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
For Goods for Resale invoices, disputes are raised with the supplier within 48 hours of receiving the goods. If a copy of Delivery Note is required, this will be requested from the supplier. If there is a dispute regarding quality, these will be raised with the supplier and will be dealt with on an individual basis.
For suppliers that use the distribution Centre, our partner (Unipart) also raises discrepancies with the supplier Payment continues to be made on invoices not in dispute, and only disputed invoices will be excluded from payment runs.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No